David Lichtenstein’s Lightstone Group has is going to buy two hotels near the Philadelphia International airport, according to Insurancenewsnet.com. The hotels were owned by Starwood Hotels, and will be purchased for $22 million. Negotiations began in March, and Lichtenstein agreed to pay$15 million for the 136 room Aloft hotel which has an average day rate of $110. Although the rate is below replacement cost, the amount can be raised. In addition, Lichtenstein shelled out $7.4 million for the neighboring Four Points Hotel.
The Lightstone group has offices in Morristown New Jersey and is one of the largest privately held real estate companies in the U.S. Its holdings include multi-family units and well as retail and office properties. Lichtenstein started the business as a building and loan and expanded it into the Lightstone group in 1988.
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